Privacy is not the core feature of Bitcoin, KuCoin CEO says
KYC is an important measure for crypto exchanges to protect and recover user funds in the case of theft or hacking, KuCoin CEO Johnny Lyu said. Amid KuCoin exchange preparing to adopt mandatory Know Your Customer (KYC) checks, the company’s CEO argued that privacy is not the most important feature of Bitcoin (BTC). “When it comes to the purpose of Bitcoin creation, I think privacy is just one of its Features ,” KuCoin CEO Johnny Lyu told Cointelegraph in an interview on July 4. Instead of privacy, the core benefit of Bitcoin is a unit of exchange, which allows holders to hedge against recessions, Lyu hinted. The CEO mentioned that Bitcoin was created after the 2008 financial crisis, which was triggered by the United States subprime mortgage crisis. “These events led to the birth of Bitcoin,” Lyu noted. While some may believe that overly strict KYC practices are not good for users as they may limit one’s privacy, the KuCoin CEO believes that such policies are more useful than not, as...